Carl Runefelt Sells Two Ferraris Worth $2.5M to Buy Bitcoin

Social media influencer Carl Runefelt sold two Ferraris worth $2.5 million to buy Bitcoin on July 24. Runefelt, known online as 'The Moon,' revealed the transaction on his podcast The Moon Show, stating that Bitcoin is entering the 'most reliable' signal in the cycle. The crypto investor attributes much of his wealth to Bitcoin investments and other business ventures after dropping out of high school and working as a supermarket cashier in Sweden.

Carl Runefelt Sells Two Ferraris for $2.5 Million Bitcoin Purchase

On July 24, Carl Runefelt revealed on his The Moon Show podcast that he sold two Ferraris worth a total of $2.5 million to buy Bitcoin. The crypto influencer said the leading cryptocurrency is entering the 'most reliable' signal in the cycle. Runefelt is best known on the internet for posting crypto-focused content and showcasing his lavish lifestyle.

Bitcoin 200-Week Moving Average Signals Accumulation Opportunity

Runefelt pointed to Bitcoin's 200-week moving average (MA) as the basis for his investment decision. He said the current dip offers an opportunity to accumulate more Bitcoin. Runefelt gave several previous instances when Bitcoin traded around the 200-week MA before its price increased significantly. For instance, Bitcoin fell below $4,000 during the coronavirus pandemic panic selling in March 2020, but it reached $64,860 more than a year later in April 2021.

The investor said he has placed multiple limit orders throughout the support zone to build an average entry to buy Bitcoin, rather than buying a large position at once. Bitcoin was trading at $64,410 at the time of writing.

Runefelt Warns Against Leveraged Bitcoin Trading Near Support Levels

Runefelt warned against taking highly leveraged Bitcoin positions around such long-term indicators as the cryptocurrency can very well decline below the support level before its price action reverses. A sharp drop in Bitcoin's price can trigger stop-loss orders and force leveraged traders to sell, especially if the price falls below the 200-week moving average. This often happens just before the market rebounds.

FAQ

What did Carl Runefelt sell to buy Bitcoin on July 24?

Carl Runefelt sold two Ferraris worth a total of $2.5 million to buy Bitcoin. He revealed the transaction on his The Moon Show podcast on July 24.

Why does Carl Runefelt believe Bitcoin is a good investment now?

Runefelt pointed to Bitcoin's 200-week moving average as a 'most reliable' signal in the cycle. He cited historical examples, such as Bitcoin falling below $4,000 in March 2020 before reaching $64,860 in April 2021, to support his investment rationale.